The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in on behalf of investors who purchased Costco Wholesale Corporation (NASDAQGS: COST) securities between June 6, 2018 and October 25, 2018.
According to the Costco lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Costco lacked effective internal control over financial reporting; (ii) as a result of the foregoing, Defendants’ statements about Costco’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. On October 4, 2018, Costco announces that “in its upcoming fiscal 2018 Annual Report on Form 10-K, it expects to report a material weakness in internal control. The weakness relates to general information technology controls in the areas of user access and program change-management over certain information technology systems that support the Company’s financial reporting processes. The access issues relate to the extent of privileges afforded users authorized to access company systems.” Following this news, shares of Costco fell from a close of $231.68 on October 4, 2018, to a close of $218.82 the following day.
If you suffered a loss in Costco you have until January 7, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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